February 14, 2000
Securities and Exchange Commission
450 Fifth Street N.W.
Washington,D C. 20549
Re: Initial Statement of Beneficial Ownership of Securities
on behalf of Reporting Person
Dear Madam/Sir:
We are filing Form 3 through the EDGAR system on behalf of
Putnam Investments, Inc. required to be filed by this
organization pursuant to Section 16 of the Securities
Exchange Act of 1934 or Section 30(f) of the Investment
Company Act of 1940.
In addition, a copy of Form 3 is being sent to the principal
national securities exchange where the Issuer is traded.
Comments or questions concerning the above may be directed
to the undersigned at 617-760-8235.
Very truly yours,
PUTNAM INVESTMENTS, INC.
By: Andrew J. Hachey
Assistant Vice President
/form3cvr